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When you apply for a loan, thousands of doubts may arise, but one question you should always keep in mind is: how much will they charge me interest? The answer you usually get is always full of numbers and percentages that only confuse you more. At Good Finance we want to give you a guide to clarify any questions you have about our interest and the charges of our loans.

Why is it important to know how to calculate an interest rate for a loan?

Why is it important to know how to calculate an interest rate for a loan?

In many cases the interest rate charged on a loan is not the same as described, this usually happens because: the period is shorter than the one being calculated in the rate, it is applied in different periods of the month or it is necessary to value it according to the value of money in the time; Given this, different formulas have been created that allow us to make changes in rates to adapt to the requirements of periods and terms.

How do I calculate the Good Finance interest rate?


At Good Finance we handle an interest rate of 25% EA, but if Good Finance loans are 30 days, why is the annual rate? How do I apply that interest to my loan? To solve these doubts we must first clarify that interest rates can be expressed in different ways, the important thing is to know how to convert them and express them properly.

To perform effective rate conversions to other periods of time we use the following equality:

(1 + IE1) (n1 / 12) = (1 + IE2) (n2 / 12)

IE1 = Effective interest we want to convert
n1 = the number of periods in a year of the IE that we want to convert.
IE2 = The effective interest at which we want to pass our rate.
n2 = The number of periods in a year of the IE that we want to obtain.

This equality allows us to compare the effective rate we have with another periodicity, so we can transform the interest rate from years to months, days, etc.

Making the transformation of the operation we have that the 25% EA that we handle in Good Finance is equal to a monthly Effective rate (MS) of 1.87%. To make this conversion between rates, it is only necessary to apply this variation of the formula to convert an EA into MS:

Monthly Cash (MS) = (1 + EA) (n / 12) – 1

n = number of periods that fit in 12 months, being EA, is 1, because 12 months is 1 year.

To be clearer, let’s look at an example: If you apply for a loan in Good Finance of $ 250,000, what interest will you pay after 30 days? For this we will first convert the interest and then calculate it.

MS = (1 + EA) (n / 12) -1

MS = (1 + 0.25) (1/12) -1

MS = (1.25) (0.08333) -1

MS = 1.01876 -1

MS = 0.01876 = 1.1876% MS

To calculate the value at 30 days we apply the future value formula (VF) which calculates the value of an interest at the end of a set time:

VF = (Vp * (1 + MS) n ) -VP

Vp = the value of the loan you requested

We replace

VF = (250000 * (1 + 1.1876) 1 ) -250000

With the EM interest rate of 1,187%, we calculate it over $ 250,000 at 30 days would give us a value of:

4,692 pesos.

How is interest in Good Finance if I pay before 30 days?

How is interest in Good Finance if I pay before 30 days?

If we want to calculate the interest rate to cancel in advance, we must first pass the Annual Cash to Daily Cash interest rate, so we convert the formula to daily values:

Daily Cash (ED) = (1 + EA) (n / 360) -1

Let’s use it in an example: If you have a $ 250,000 loan with Good Finance and want to pay 20 days, how much would your interest be?

ED = (1 + EA) (n / 360) -1

ED = (1 + 0.25) (1/360) -1

ED = (1.25) (0.000277) -1

ED = 1.00062 – 1

ED = 0.00062 = 0.062% ED

To calculate the value at 20 days we apply the future value formula (VF)

VF = (250000 * (1 + 0.062) 20 ) -250000

With the interest rate ED of 0.062%, which over $ 250,000 at 20 days would give us a value of:

3,119 pesos.

In addition to interest, what other charges do I charge at Good Finance?

In addition to interest, what other charges do I charge at Good Finance?

In addition to the interest rate, at Good Finance we handle charges associated with your credit.

  • Insurance: Insurance is a charge that covers you in case you cannot make the payment for disability or death.

    The insurance value is 0.3827% of the value you request . In our example of $ 250,000 the value of the insurance would be equal to $ 621 pesos.

  • Administration: The administration is a fixed charge on all Good Finance loans, which ensures the correct handling of your data and the availability of your quota for a period of 30 days. For all loans an administration charge of $ 16,000 pesos is made.

  • Technology: The technology charge is a charge that is made for the use of our technology platform and gives you the possibility to: review your account, make new credits, check the status of your credits and more. This charge is equivalent to 960 pesos per day. For our loan to be paid in 20 days, the technology charge is equal to: $ 19,200 pesos.

  • VAT: Being an entity that issues an invoice, Good Finance must charge VAT for the products. The VAT we handle is linked to the Colombian legislation of 19% and is calculated on the costs of insurance, administration and technology. In our example of 250,000 pesos at 20 days, the VAT charge is $ 6870 pesos.

How much would you pay in total for credit in Good Finance?

How much would you pay in total for a credit in Good Finance?

Entering Good Finance, you will find our credit calculator, in which you can try different amounts and terms to take your credit. It will show you each of the values ​​explained above, as well as the breakdown of each one.

Tablet or Video-Recorder as a Gift or Review of Supersave Bank Credit Cards

If you think about creating a credit card, it’s worth looking at what promotions Supersave Bank has prepared for it – the bank distributes a lot of gadgets, gives cheap credit in the card and discounts in many popular stores.

Two of Supersave Bank’s ads caught my eye today and both concerned the credit cards of this bank. One of the banners tempted me with several prizes, one of which could be mine if I ordered a Supersave Bank credit card. The second one tempted with cash in the amount of PLN 10,000 for PLN 20 a month which I could get from the bank if I joined the group of their new clients and set up a Supersave Simplicity card with them.

I thought that if a lot of them are happening to them and some of these promotions can be used well, it would be worth presenting all the new credit cards they offer. And I will start with the promotion I’ve already written about in B24 and which was supposed to end at the end of August, but it is still available only with small changes.


Credit Card + 3 gadgets

Credit Card + 3 gadgets

The mentioned change concerns the list of gadgets which constitute the freebills for the Supersave Bank World Mastercard credit card. In the previous edition, we had a tablet, smartphone or watch, and now one of the three prizes is a Samsung Galaxy Tab3 Lite tablet, a Samsung Galaxy J1 smartphone or a Level Box Mini loudspeaker. As I read in the information materials, the prize pool is unlimited so if we can get a credit card as part of the application, we will be able to choose the prize we want.


Supersave Simplicity Credit Card – PLN 10,000 credit for PLN 20 per month

Credit Card

The Supersave offer, which only applies to new customers, encourages you to get PLN 10,000 of the limit cash which we receive as part of the Simplicity card for only PLN 20 a month. However, the maximum repayment period is 12 months and the offer itself is valid until the end of 2015.

The Supersave Simplicity Credit Card has no annual fee for using the card and free card reimbursement notifications. An additional convenience is interest-free credit for 56 days, no fee for additional cards, as in the case of the previous card, rebates in selected stores and a free PayPass contactless sticker.


Supersave Bank BP-Payback Credit Card

Payback Credit Card

These three cards in my opinion deserve the greatest attention, however, since I have decided to devote this article to Supersave Bank cards, it is worth mentioning here briefly about the two other credit cards available in the offer.

The first of these cards is the PremierMiles Credit Card which may be of interest to people who travel around the world frequently. For every 5 zlotys spent without a card, we get 1 Supersave Mile and the next miles we earn can be exchanged for air tickets or accommodation in hotels around the world. We get 2000 welcome miles for a good start.

For the first time in a long time, mortgage rates are getting higher!

The long-standing low consumer-friendly home loan interest rates moved in June, with some banks raising yields, raising lending rates. Worst case scenario, we predict who is now borrowing up to 6% more per month. Here are a few cases that will tell you which is a fixed loan that stands out from the rest in pricing.

Just a week ago, we reported that government bond yields outperformed consumer-friendly loans with a steady rise in yields, as there has been no change in the best home loan yields so far

Banks with the best loans in their category did not increase their income by raising interest rates, but rather by lowering their spreads. And there were exceptions.

Low interest rates and thus low repayment rates were very popular among loan applicants.

Low interest rates and thus low repayment rates were very popular among loan applicants.

Even then, it seemed that banks could not hold on to this strategy for a long time, as interest rates were definitely expected to increase, as we have repeatedly stated, but the exact timing was uncertain. No one predicted when this would be due.

Well, the answer has come, according to June data, several banks have raised their lending rates compared to the previous month.

The offerings show that half of consumer-friendly loans have raised initial interest rates


According to the analysis of financial experts:

  • 3-year interest rate: 0.02-0.10% for government securities + 0.30%
  • 5 year interest rate: 0.32-0.40% for government securities + 0.40%
  • 10 year interest rate: 0.25-0.64% for government securities + 0.64%
  • fixed rate loan: 0.53% for government securities + 0.53%.

If we take a $ 10 million loan, the monthly repayment will be as follows. The raises are shown.

  • 3 year interest period: 100-500 HUF
  • 5 year interest period: 1,700-2,100 HUF
  • 10 year interest period: HUF 1,400- 3,500
  • fixed rate loan: HUF 3,100.

If you look at it for a while, it’s not that much, or not much.

If we look at the initial repayment values ​​one month ago, in the worst case, our initial installment will increase by 4% and 6% respectively.

Nothing guarantees us that banks will stop raising interest rates, because only half of the banks have decided to raise interest rates. We could trust that this is only a temporary change, but in the current financial situation it is very likely that a sustained rise in interest rates is expected.

The benefits of a consumer-friendly qualifying home loan remain significant

The benefits of a consumer-friendly qualifying home loan remain significant

These loans can be obtained with significantly better initial interest rates in the market, and their benefit is unquestionable.

With a good choice, we can earn up to HUF 1 million over a 20-year term, which is a significant benefit over consumer credit on the market for consumer-friendly home loans.

“In terms of maturities, we believe that, on average, loans with a 10-year interest rate are the cheapest compared to the interest rate base. When we look at the average of the categories, banks add a 2.2-2.5% premium to the interest rate base, but the average premium over the 10-year interest rate is 1.9%, ”said our independent financial analyst.

This is something worth considering before you start borrowing because it looks very favorable.

The usability of home loans is favorable, as consumer-friendly home loans are not only for home purchase but, contrary to its name, can be used by customers for a variety of home uses, such as home loans. it can also be used for building land, buying a home, buying a home, or even replacing your existing home loans so far!

Today we can say that the best loans in their category are consumer loans


If you are interested in finding out more about consumer-friendly credit, details about GFIC and taking out a home loan on favorable terms, contact our credit brokerage experts who will provide you with free professional loan information!

Fill out the form and we’ll call you back!

These are the best small payday loans for starting school

Summer is coming to an end, school is starting, but we may need a smaller loan for an early fall trip or for the start of the school year. We have collected the best payday loan offers for 200 thousand HUF and for a term of 2-3 years.

If you need a smaller loan, it is still worthwhile to choose from bank offers with ever lower interest rates. If you take out a $ 200,000 payday loan for a term of 2 or 3 years, you will have to repay $ 250-300,000 in the most favorable loan offers. Of course, for shorter maturities, the repayment amount may be lower and the monthly installment may be higher. We present the best payday loan offers and the interesting features of each of these schemes.

Where you pay weekly

Where you pay weekly


Let’s start our investigation with the most interesting loan offer. Provident loans are special enough because, unlike other banks, we have to repay the loan weekly, not monthly. Provident also offers a unique service. With their Home Service Package, you can get a personal clerk who will take out a loan at your home, sign a contract with you at home, get the money right away and come for a installment every week. Another benefit of the home service is that the package also includes customer accident insurance for the whole term.

There is a separate charge for Home Service (not listed in our table), which will result in a higher total refund amount. Of course, this service also benefits the credit institution as personal contact is expected to reduce the risk of non-repayment.

Compared to other banks’ 2 or 3 year bids, it is important to note that Provident has a maturity of 105 weeks rather than 24 or 36 months.

Extra interest discount on online registration

Extra interest discount on online registration


With Raisin Always Fixed payday loans, you can get a variety of interest discounts, for example, by transferring our income to the bank and having at least four transactions a month from our account, or by using our credit card. But the biggest discount is when you apply for a loan online. In this case, 2% from the bank. you can get an interest discount by presenting a custom code via email.

Also, the installment of FHB Post payday loan is always “fixed”. This credit can only be applied for at post offices designated for sale. To do this, we need to open a Postal Bank Account, which we authorize to repay the loan. A further condition is that we have to deposit a minimum of HUF 100,000 a month into the bank account.

In the event of an accurate repayment, we will receive a refund

In the event of an accurate repayment, we will receive a refund


For the Superbbank Fair payday loan, the Bank will reimburse 1 / 7th of 10% of the loan amount disbursed each year for which full repayment installments have been made without delay. If you take 200,000 forints, the refund amount is 2,857 forints per year, with a total term of 8,571 for 3 years. Applying for a loan is subject to a minimum monthly income of HUF 100,000. The interest period for this loan is 1 year, so for that period the interest rate will remain unchanged.

Another interesting feature of OTP’s offer is that, when applying for a Standard payday loan, the bank guarantees that the requested payday loan will be credited to your bank account within one hour of signing the contract. If this commitment is not met by the bank and we notify the bank, you may receive a Tesco voucher worth 10,000 forints.

Repayable loan amounts

Repayable loan amounts


In the case of bankate Renewable Credit, the principal sum not called up or repaid during the term of the loan may be re-used if the customer has fulfilled his payment obligations under the loan agreement or is not on the negative KHR list at the time of the drawdown.

bankate is not expected to make a deposit or any bank activity, not least because we cannot keep a bank account with them. Revolving Credit does not require employer certification to process applications. The interest and installments on the loan may change every six months.

Viloan always borrows a personal credit line that is available at any time in whole or in part, so it can be reused without further credit. Payments on installments replenish the credit line. Existing or newly applied Viloan credit cards are required to take out the loan. The installment is fixed throughout this loan.